The Philippine Deposit Insurance Corporation (PDIC), as Receiver, has 90 days to determine the rehabilitation proposal that is most advantageous to depositors, creditors and taxpayers.

The PDIC intends to come up with a terms of reference for all interested parties to consider as well as engage the services of a financial auditor to help PDIC determine the valuation of Export & Industry Bank (EIB). These will be submitted to the PDIC Board and the Monetary Board that will ultimately approve the rehabilitation proposal.

BDO has submitted a proposal to rehabilitate EIB with certain conditions. PDIC is reviewing the legal and economic viabilities of said proposal. Some of the conditions as proposed are not within the authority of PDIC.

The PDIC’s immediate concern now is to take stock of the deposit liabilities of EIB and conduct payout for all valid insured deposits as soon as possible. Payment for accounts with balances of P10,000 and below will start by the end of the month. Holders of these accounts who have no outstanding loans and who have updated their addresses in the bank in the past year, need not file deposit insurance claims.

Claims servicing operations for accounts of over P10,000 are expected to commence no later than end of June 2012.

RELATED ARTICLES:

1. Schedule of PDIC Depositors Forum for Depositors of the Closed Export & Industry Bank (EIB)
2. MB places Export & Industry Bank under PDIC receivership
   All valid insured deposit claims will be paid
3. Statement of the Philippine Deposit Insurance Corporation on Export and Industry Bank
   April 27, 2012
4. 2012-08 - Export & Industry Bank, Inc.